How will the income bands change?
The MPF advisory committee discussed raising bands: the MPFA proposes the lower limit from HK$5,000 to HK$5,250 and the upper from HK$20,000 to HK$30,000; those earning HK$30,000-plus would see monthly contributions rise from HK$1,000 to HK$1,500 — up 50%. Workers on HK$5,000 save HK$250 a month.
Is paying more good or bad?
Tighter now, fatter at retirement — a net win. As contributions rise, make sure the money lands in the right funds and isn’t eaten by high fees.
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